Which of the following are key differences between market economies and command economies?

Choose 1 answer:
(A) Resources are all owned by the government in a market economy.
(B) There is a winner and a loser in every exchange in a market economy.
(c) Money is used to facilitate exchanges in market economies, but not command economies.
(D) Resources are owned by private individuals, rather than by the government, in a market economy.
(E) The government makes all decisions about resource allocation in a market economy.

Question

Which of the following are key differences between market economies and command economies?

Choose 1 answer:
(A) Resources are all owned by the government in a market economy.
(B) There is a winner and a loser in every exchange in a market economy.
(c) Money is used to facilitate exchanges in market economies, but not command economies.
(D) Resources are owned by private individuals, rather than by the government, in a market economy.
(E) The government makes all decisions about resource allocation in a market economy.

Accepted Answer

***D*** ∻Key Concept∻ ⚹Ownership of Resources⚹ ∻Explanation∻ ⚹In a market economy, resources are owned by private individuals and firms, allowing for private property rights, whereas in a command economy, the government owns most or all resources and makes decisions about their allocation.⚹◊What impact does the ownership of resources have on the efficiency and outcomes of market economies compared to command economies?⍭ Generate me a similar question◊

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